MK Alamgir steps down as Farmers Bank Chairman

Staff Correspondent: Farmers Bank Chairman Muhiuddin Khan Alamgir resigned from its board. The bank's Audit Committee Chairman Md Mahabubul Haque Chisty also stepped down from the board.

A statement sent by Bangladesh Bank on Monday revealed the news.

In the statement, the BB said the restructuring of the board would help the Farmers Bank restore confidence of the depositors who have been withdrawing funds due to its deteriorating financial health.

The central bank asked the two directors to resign over their alleged involvement in financial scams. If they had not stepped down, the BB would have removed them from the board of the troubled bank under the Bank Company Act 1991, according to sources.

In line with the BB directives, the Farmers Bank, established four years ago, restructured its audit, risk management and executive committees on Monday.

risingbd/Dhaka/November 28, 2017/Nasir/A K Azad